Challenger Energy completes award process for AREA OFF-3 license in Uruguay

Challenger Energy has completed the formal award process for its AREA OFF-3 license offshore Uruguay, first awarded last June under the Open Uruguay Round process.

Sign-off followed confirmation of final regulatory approvals. The first exploration period will run for four years from June 7, 2024, through June 6, 2028.

AREA OFF-3 covers 13,252 sq km in water depths from 20 m to 1,000 m, about 100 km from the Uruguayan coast. It has existing 2D and 3D seismic coverage, with two previously identified prospects potentially holding up to ~2 Bbbl of oil and up to ~9 Tcf of gas, according to Challenger.

Challenger Energy Group plc (LON:CEG) is a Caribbean and Atlantic margin focused oil and gas company, with a range of petroleum assets located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
X
LinkedIn
Challenger Energy

More articles like this

Challenger Energy unveils new offshore Uruguay prospects

Challenger Energy Group (CEG), the Isle of Man-based oil and gas company, is making significant strides in its offshore Uruguay exploration efforts. The latest reprocessing work on the AREA OFF-3 block has uncovered new exploration prospects,

Oil prices rebound as dollar weakens

Oil prices recovered on Tuesday amid a weaker dollar, but concerns over a U.S. recession and trade tariffs persisted. OPEC+ decision awaited.

Challenger Energy

Oil prices rebound amid trade war uncertainty

Oil prices rebounded from last week’s lows as trade war fears linger. Analysts weigh in on Trump’s tariff threats and global energy demand. Challenger Energy Group Plc (LON:CGE) remains active in Uruguay’s offshore exploration.

Challenger Energy

Advancing exploration in a transforming energy sector

As the global oil and gas industry undergoes a transformative shift, key trends are shaping its future. From technological innovations to policy shifts and offshore investment, the sector is evolving rapidly. Learn how Challenger Energy Group PLC is strategically positioned amidst these changes.